**Exhibit 2.7**

THIRD SUPPLEMENTAL INDENTURE (this “**Supplemental Indenture**”), dated as of December 19, 2012, among MERCO PARANA S.A. (the “**Guaranteeing Subsidiary**”), an indirectsubsidiary of Navios South American Logistics Inc. (or its permitted successor), a Marshall Islands corporation (the “**Company**”), the Company and Navios Logistics Finance (US) Inc., a Delaware corporation, (together with the Company,the “**Co-Issuers**”) the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee (or its permitted successor) under the Indenture referred to below (the“**Trustee**”). 

WITNESSETH 

WHEREAS, the Co-Issuers and the Guarantors has heretofore executed and delivered to the Trustee an indenture (asamended and supplemented from time to time, the “**Indenture**”), dated as of April 12, 2011 providing for the issuance of 9 1/4% Senior Notes due 2019 (the “**Notes**”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee asupplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Co-Issuers’ obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “**NoteGuarantee**”); and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute anddeliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuableconsideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and subject tothe terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof. 

4. NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THEEXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

5. COUNTERPARTS. The parties maysign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall notaffect the construction hereof. 

7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or inrespect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Co-Issuers. 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be dulyexecuted and attested, all as of the date first above written. 

Dated: December 19, 2012

 
MERCO PARANA S.A.By: 
/s/ Claudio Lopez
 Name: Claudio Lopez Title: Authorized SignatoryNAVIOS SOUTH AMERICAN LOGISTICS INC.,By: 
/s/ Anna Kalathaki
 Name: Anna Kalathaki Title: Authorized SignatoryNAVIOS LOGISTICS FINANCE (US) INC.,By: 
/s/ Vasiliki Papaefthymiou
 Name: Vasiliki Papaefthymiou Title: Authorized SignatoryCORPORACION NAVIOS S.A.NAUTICLER S.A.PONTE RIO SOCIEDAD ANONIMANAVARRA SHIPPING CORPORATIONPELAYO SHIPPING CORPORATIONCOMPANIA DE TRANSPORTE FLUVIAL INTERNACIONAL S.A.PETROVIA INTERNACIONAL S.A.STABILITY OCEANWAYS S.A.
HS SHIPPING LTD. INC.HS SOUTH INC.HS TANKERS INC.
HS NAVIGATION INC.

 

as Guarantors
By: 
/s/ George Achniotis
 Name: George Achniotis Title: Authorized SignatoryTHALASSA ENERGY S.A.,By: 
/s/ Claudio P. Lopez
 Name: Claudio P. Lopez Title: Authorized Signatory
COMPANIA NAVIERA HORAMAR S.A.,

as Guarantor
By: 
/s/ Vasiliki Papaefthymiou
 Name: Vasiliki Papaefthymiou Title: Authorized Signatory
MERCO PAR S.A.C.I.,

as Guarantor
By: 
/s/ Horacio E. Lopez
 Name: Horacio E. Lopez Title: Authorized SignatoryBy: 
/s/ Eduardo Blanc
Name: Eduardo Blanc Title: Authorized Signatory
NAVEGACION GUARANI S.A.,as GuarantorBy: 
/s/ Carlos A. Lopez
 Name: Carlos A. Lopez Title: Authorized SignatoryBy: 
/s/ Norma Aguilar
 Name: Norma Aguilar Title: Authorized Signatory
HIDROVIA OSR S.A.,

as Guarantor
By: 
/s/ Norma Aguilar
 Name: Norma Aguilar Title: Authorized SignatoryBy: 
/s/ Marcos J. Peroni
 Name: Marcos J. Peroni Title: Authorized Signatory
MERCO FLUVIAL S.A.,

as Guarantor
By: 
/s/ Marcos J. Peroni
 Name: Marcos J. Peroni Title: Authorized Signatory
By: 
/s/ Quirino Fernandez
 Name: Quirino Fernandez Title: Authorized Signatory
PETROLERA SAN ANTONIO S.A.,

as Guarantor
By: 
/s/ Carlos A. Lopez
 Name: Carlos A. Lopez Title: Authorized SignatoryBy: 
/s/ Eduardo Blanc
 Name: Eduardo Blanc Title: Authorized Signatory
VARENA MARITIME SERVICES S.A.,

as Guarantors
By: 
/s/ Carmen Rodriguez
 Name: Carmen Rodriguez Title: Authorized Signatory
WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee
By: 
 
 Authorized Signatory